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Go to Settings > Privacy from the dashboard
Doing so will direct you to the WordPress page editor with the content generated by WordPress.
On top of it, you’ll see the recommendation to check what the page consists of.
Anyway, the generated page is a template with standard information. You can go through the text and make edits & tweaks depending on how you plan to conduct and run your website. You can include your own clauses and terms as well.
After going through it, click on the Publish button.
/image – wordpress editor with the privacy page